HOW RICH PEOPLE ARE MAKING THEIR MONEY

Dr Prashant Thakur, regional director & head, research, Anarock Group, highlights some USPs

India is witnessing a transformative era of wealth creation. From bustling metros to emerging Tier-II cities, the nation’s affluent population is expanding at a pace that is capturing global attention. A dynamic mix of young entrepreneurs, tech pioneers, and seasoned industrialists drives this change.

The rise of high-net-worth individuals (HNIs, or people with investable assets of at least $1 million) and ultra-high-net-worth individuals (UHNIs, or those with assets worth above $30 million) in 2024 paints a fascinating picture of opportunity, influence, and ambition.

India’s wealthy denizens not just growing in number but also global significance.

• Global ranking: India ranks 6th globally in UHNI population and 3rd in Asia, trailing only China and Japan.

• Population surge: The country’s UHNI count reached 13,600 in 2024, marking a 6% annual growth. This population is projected to soar by 50% by 2028, far outpacing the global growth average of 30%.

• HNIs on the rise: India is home to over 850,000 HNIs, and this is projected to double to 1.65 million by 2027. Interestingly, 20% of these millionaires are under 40, signalling the growing influence of young wealth creators.

The engines of wealth creation in India are diverse, spanning traditional industries and emerging sectors: • Tech and start-ups: Nearly 30% of new HNIs owe their fortunes to technology, fintech, and start-ups.

• Manufacturing: The ‘Make-in-India’ push has fuelled industrial wealth, contributing 21% to the UHNI economy.